# Aiming Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第15期(2025/01/01－2025/12/31) (S100XU6G)
> Page: https://vizora.meequs.com/en/company/aiming
> Retrieved: 2026-09-30T20:56:05.504Z

## Company

Aiming, founded in 2011, is a company in Games listed on TSE Growth. It has 687 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Aiming Inc. |
| Ticker | 3911 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3911.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区千駄ヶ谷五丁目31番11号 住友不動産新宿南口ビル5階 |
| Representative (per filing) | 代表取締役社長 椎葉 忠志 |
| Founded | May 2011 |
| Share capital | ¥3.41B |
| Employees (consolidated) | 687 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | December |
| Website | aiming-inc.com (https://aiming-inc.com/) |
| Corporate number | 7011101060669 |
| EDINET | E31348 |
| Industries (Vizora) | Games |

> Profile source: annual securities report (S100XU6G, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Games (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 74.4 | 41 |
| Cash conversion | 82.3 | 31 |
| Efficiency | 93.9 | 41 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Aiming brought in ¥15.8B in revenue.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed -7.4% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥15826223000 → ¥1259669000
- Net income → operating cash flow: ¥1259669000 → ¥4530288000（difference ¥3270619000）
- Main uses of operating cash flow: CapEx ¥16802000 / dividends — / buybacks —
- Change in cash: ¥2631125000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥15.8B |  |
| Operating income | ¥2.08B | Margin 13.1% |
| Net income | ¥1.09B | Margin 6.9% |
| Free cash flow | ¥4.51B |  |
| Employees (consolidated) | 687 |  |
| EPS | ¥25.89 |  |
| Book value per share | ¥149.96 |  |
| Equity ratio | 74.7% |  |
| Shares outstanding | 46,705,300 |  |
| Treasury shares | 37,100 |  |
| Shareholders | 11,660 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 59.7% | Cash ÷ revenue 34.7% |
| Vs. industry median margin | +7.7 pp | Games |
| ROE | 17.1% | Derived from disclosed figures |
| ROA | 12.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.2× net income
- FY2025, cash is 60% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11903826000 | ¥15826223000 | — |
| Operating income | ¥1673972000 | ¥2079810000 | — |
| Operating margin | 14.1% | 13.1% | -0.9 pp |
| Employees | 416 people | 687 people | — |
| Cash and equivalents | ¥4493675000 | ¥5498628000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,826 | 100.0% | S100XU6G |
| Cost of revenue | 6,247 | 39.5% | S100XU6G |
| Gross profit | 9,579 | 60.5% | S100XU6G |
| SG&A | 7,499 | 47.4% | S100XU6G |
| Operating income | 2,080 | 13.1% | S100XU6G |
| Ordinary income | 1,411 | 8.9% | S100XU6G |
| Pretax income | 1,411 | 8.9% | S100XU6G |
| Income tax | 152 | 1.0% | S100XU6G |
| Net income | 1,260 | 8.0% | S100XU6G |
| Net income attributable to owners | 1,086 | 6.9% | S100XU6G |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 40 |
| SG&A | 47 |
| Operating income | 13 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 60.5% → Operating margin 13.1% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 17,087 | 15,826 | -1,261 | -7.4% |
| Gross profit | 9,477 | 9,579 | 102 | +1.1% |
| Operating income | -553 | 2,080 | 2,632 | — |
| Net income attributable to owners | -341 | 1,086 | 1,427 | — |
| Operating cash flow | -964 | 4,530 | 5,495 | — |
| Free cash flow | -1,312 | 4,513 | 5,825 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 5,644 | -871 | -15.4% | -1,201 | -830 | -905 | S100L34C |
| FY ending Dec 2020 | 11,904 | 1,674 | 14.1% | 1,693 | 1,788 | 1,782 | S100NS6A |
| FY ending Dec 2021 | 12,054 | 1,490 | 12.4% | 1,170 | 746 | 699 | S100NS6A |
| FY ending Dec 2022 | 13,669 | 400 | 2.9% | 602 | -351 | -376 | S100T6BT |
| FY ending Dec 2023 | 18,199 | -1,310 | -7.2% | -2,227 | -1,153 | -1,280 | S100VHGA |
| FY ending Dec 2024 | 17,087 | -553 | -3.2% | -341 | -964 | -1,312 | S100XU6G |
| FY ending Dec 2025 | 15,826 | 2,080 | 13.1% | 1,086 | 4,530 | 4,513 | S100XU6G |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥1.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 488 | 566 | 742 | 705 | 687 |
| Average salary (parent company) | ¥4M | ¥4.1M | ¥4.3M | ¥4.5M | ¥4.9M |
| Average age (parent company) | 32.7 years | 32.3 years | 33.2 years | 34.1 years | 34.8 years |
| Average tenure (parent company) | 4.2 years | 4.2 years | 3.9 years | 4.6 years | 5.5 years |

Year over year: Employees (consolidated) -2.6% · Revenue (consolidated) -7.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,530 | 28.6% | S100XU6G |
| Capital expenditure | 17 | 0.1% | S100XU6G |
| Free cash flow | 4,513 | 28.5% | 算出 |
| Investing cash flow | -1,698 | -10.7% | S100XU6G |
| Financing cash flow | -192 | -1.2% | S100XU6G |
| Change in cash | 2,631 | 16.6% | S100XU6G |
| Cash and equivalents | 5,499 | 34.7% | S100XU6G |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,493 | 5,253 | 2,883 | 2,868 | 5,499 | S100NS6A, S100VHGA, S100XU6G |
| Total assets | 7,205 | 8,601 | 7,397 | 8,154 | 9,206 | S100NS6A, S100T6BT, S100VHGA, S100XU6G |
| Net assets | 6,235 | 6,830 | 4,777 | 6,064 | 6,896 | S100NS6A, S100VHGA, S100XU6G |
| Share capital | 2,537 | 2,557 | 2,580 | 3,408 | 3,408 | S100NS6A, S100T6BT, S100VHGA, S100XU6G |
| Property, plant and equipment | 46 | 82 | 177 | 388 | 337 | S100NS6A, S100T6BT, S100VHGA, S100XU6G |
| Intangible assets excluding goodwill | 1 | 1 | 1 | 4 | 3 | S100NS6A, S100T6BT, S100VHGA, S100XU6G |
| Current assets | 6,772 | 7,954 | 6,040 | 6,757 | 7,808 | S100NS6A, S100T6BT, S100VHGA, S100XU6G |
| Current liabilities | 935 | 1,757 | 2,618 | 1,857 | 2,148 | S100NS6A, S100T6BT, S100VHGA, S100XU6G |
| Short-term borrowings | — | — | 500 | — | 100 | S100VHGA, S100XU6G |
| Total liabilities | 970 | 1,771 | 2,620 | 2,090 | 2,309 | S100NS6A, S100T6BT, S100VHGA, S100XU6G |
| Non-controlling interests | — | 94 | 301 | 274 | 20 | S100T6BT, S100VHGA, S100XU6G |
| Equity attributable to owners of parent | 6,235 | 6,736 | 4,476 | 5,790 | 6,876 | S100NS6A, S100T6BT, S100VHGA, S100XU6G |
| Retained earnings | 1,170 | 1,632 | -675 | -1,016 | 70 | S100NS6A, S100T6BT, S100VHGA, S100XU6G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 60% | S100XU6G |
| Property, plant and equipment | 4% | S100XU6G |
| Intangibles and goodwill | 0% | S100XU6G |
| Other assets | 36% | S100XU6G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100XU6G |
| Equity | 75% | S100XU6G |
| Other liabilities | 0% | S100XU6G |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,205 | 8,601 | 7,397 | 8,154 | 9,206 |
| Equity | 6,235 | 6,830 | 4,777 | 6,064 | 6,896 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,493 | 5,253 | 2,883 | 2,868 | 5,499 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 2.1% | S100XU6G |
| Fixed assets ÷ total assets | 3.7% | S100XU6G |
| Goodwill ÷ parent equity | — | —, S100XU6G |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 59.7% |
| Cash ÷ revenue | 34.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 217.8% |
| Cash vs. profit gap | 3,444 JPY mn (of net income 317.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 37.5% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 9.7% | 1.67× | 16.2% | 1.16× | 18.8% | S100NS6A |
| 2022 | 4.4% | 1.59× | 7.0% | 1.28× | 8.9% | S100T6BT |
| 2023 | — | —× | -27.8% | —× | — | S100VHGA |
| 2024 | — | —× | -4.4% | —× | — | S100XU6G |
| 2025 | 6.9% | 1.82× | 12.5% | 1.37× | 17.1% | S100XU6G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社コロプラ | Major shareholder | 14.0% | 2025-12-31 |
| 椎葉 忠志 | Major shareholder | 6.4% | 2025-12-31 |
| IMAGE TECHNOLOGY INVESTMENT LIMITED（国内連絡先 TENCENT JAPAN 合同会社） | Major shareholder | 6.3% | 2025-12-31 |
| みずほ信託銀行株式会社有価証券管理信託０７３００３８号 | Major shareholder | 5.2% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 4.3% | 2025-12-31 |
| みずほ信託銀行株式会社有価証券管理信託０７３００３９号 | Major shareholder | 4.3% | 2025-12-31 |
| 山下 貴司 | Major shareholder | 2.1% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.3% | 2025-12-31 |
| BCSL CLIENT RE BBPLC NYBR（常任代理人 バークレイズ証券株式会社） | Major shareholder | 1.3% | 2025-12-31 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCT E PSMPJ（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2025/01/01－2025/12/31) | S100XU6G | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU6G,, |
| 有価証券報告書－第14期(2024/01/01－2024/12/31) | S100VHGA | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHGA,, |
| 有価証券報告書－第13期(2023/01/01－2023/12/31) | S100T6BT | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6BT,, |
| 有価証券報告書－第12期(2022/01/01－2022/12/31) | S100QHWW | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHWW,, |
| 有価証券報告書－第11期(令和3年1月1日－令和3年12月31日) | S100NS6A | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NS6A,, |
| 訂正有価証券報告書－第10期(令和2年1月1日－令和2年12月31日) | S100L34C | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L34C,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).